Soybeans Lower at Midday

Soybeans futures are trading 11 to 12 cents lower. Meal futures are down $2.30/ton and soy oil 50 points lower. Areas of dryness shrank over the weekend in the ECB, with up to 2.5 inches reported in western Ohio and 1+ inches in northern IL. It was T-storm activity, so not everyone got it, but some of the pockets on the Drought Monitor got meaningful rain. This morning’s Export Inspections report indicated that 1.16 MMT of soybeans were shipped in the week that ended on August 15. That was a 22% higher from the week prior, and a 75% increase over the same week in 2018. A total of 551,235 MT was headed to China. Friday’s report showed money managers reduced their CFTC net short positions this week to 66,450, a decline of 9%.

SEP 19 Soybeans are at $8.55 1/2, down 11 3/4 cents,

NOV 19 Soybeans are at $8.67 3/4, down 12 cents,

JAN 19 Soybeans are at $8.81 1/2, down 12 cents,

MAR 20 Soybeans are at $8.95, down 11 1/2 cents,

SEP 19 Soybean Meal is at $292.60, down $2.30,

SEP 19 Soybean Oil is at $28.63, down $0.50

--- provided by Brugler Marketing & Management




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